PCGS Grading Standards

In 1948, Dr. William Sheldon, a renowned numismatist, developed the Sheldon Scale, assigning grades from "1" through "70" to coins. The basis of Sheldon’s theory was that a "70" would be worth 70 times as much as a "1."

PCGS built its grading standards upon the Sheldon Scale when it introduced the concept of encapsulated, third-party grading in 1986. Review the details behind the PCGS grading standards through our visual guide below or the classic table view.

The numerical grades MS-60 through MS-70, used to denote a business strike coin that never has been in circulation. A Mint State coin can range from one that is covered with marks (MS-60) to a flawless example (MS-70).

Proof (PR)

A coin usually struck from a specially prepared coin die on a specially prepared planchet. Proofs are usually given more than one blow from the dies and are usually struck with presses operating at slower speeds and higher striking pressure. Because of this extra care, Proofs usually exhibit much sharper detail than regular, or business, strikes. PCGS recognizes Proofs (PR) as those struck in 1817 and later.

Specimen (SP)

Special coins struck at the Mint from 1792-1816 that display many characteristics of the later Proof coinage. Prior to 1817, the minting equipment and technology was limited, so these coins do not have the "watery" surfaces of later Proofs nor the evenness of strike of the close collar Proofs.

MS/PR-70

View Details

MS/PR-69

View Details

MS/PR-68

View Details

MS/PR-67

View Details

MS/PR-66

View Details

MS/PR-65

View Details

MS/PR-64

View Details

MS/PR-63

View Details

MS/PR-62

View Details

MS/PR-61

View Details

MS/PR-60

View Details

AU-58

View Details

AU-55

View Details

AU-53

View Details

AU-50

View Details

XF-45

View Details

XF-40

View Details

VF-35

View Details

VF-30

View Details

VF-25

View Details

VF-20

View Details

F-15

View Details

F-12

View Details

VG-10

View Details

VG-8

View Details

G-6

View Details

G-4

View Details

AG-03

View Details

FR-2

View Details

PO-1

View Details

UNGRADABLE

View Details

Grade

Labeling

Description

Mint State or Proof 70

MS/PR-70

Fully struck and lustrous, free of visual marks. The PCGS 70 grading standard does allow for “as minted” defects, as long as those flaws are minor and do not impact the eye appeal of the coin.

Mint State or Proof 69

MS/PR-69

Virtually fully struck with miniscule imperfections visible upon close inspection.

Mint State or Proof 68

MS/PR-68

Only the slightest weakness in strike with a few tiny imperfections barely visible.

Mint State or Proof 67

MS/PR-67

Very well struck with minor imperfections visible without magnification.

Mint State or Proof 66

MS/PR-66

Well struck with a few marks or hairlines, not in focal areas.

Mint State or Proof 65

MS/PR-65

Above average strike with minor marks or hairlines, mostly out of focal areas.

Mint State or Proof 64

MS/PR-64

Average or better strike with scattered marks or hairlines, though none severe.

Mint State or Proof 63

MS/PR-63

Average or slightly weak strike with moderate marks or hairlines.

Mint State or Proof 62

MS/PR-62

No wear, with average or below average strike. Numerous marks or hairlines.

Mint State or Proof 61

MS/PR-61

No wear, with average or weak strike. Multiple heavy marks or hairlines allowed.

Mint State or Proof 60

MS/PR-60

No wear. May be poorly struck with many heavy marks or hairlines.

About Uncirculated 58

AU-58

Only the slightest friction on the highest points. Virtually full luster.

About Uncirculated 55

AU-55

Full detail, with light friction on the high points. Considerable luster remains.

About Uncirculated 53

AU-53

Slight flatness and loss of luster visible on high points of design. Some luster remains.

About Uncirculated 50

AU-50

Trace of wear now seen on higher points of design. Bits of luster may remain.

Extremely Fine 45

XF-45

High points of design show light wear. A bit of luster may still be visible in protected areas.

Extremely Fine 40

XF-40

All design elements still show, but high points now worn flat. Little to no luster remains.

Very Fine 35

VF-35

Light wear is seen over entire surface though all major detail still visible.

Jefferson Nickels: MS60 or better, at least five complete steps must appear on Monticello. Any steps that join or fuse together, whether created that way or subsequently damaged, cannot be considered for the Full Steps designation.
Watch Video

StrikeFB

Full Bands

Mercury Head Dimes: The central bands on the fasces on the reverse should be completely separated from left to right, without any breaks, marks or gaps. Note: PCGS may designate in grades of 60 and higher.
Watch Video

StrikeFH

Full Head

Standing Liberty Quarters:

Three leaves must be clear and distinct in Liberty's hair.

Earhole must be present.

Hairline must be distinct from top of forehead to back of neck.

Note: PCGS may designate 1918/7 Quarters as Full Head in grades of XF40 and higher.

A proof coin showing cameo contrast struck prior to 1968 at a Mint other than Philadelphia.

FS

First Strike

All Eagles, Gold Buffalos, Gold Spouse Coins and other mint releases struck within the first 30 days of issue.

SF

Satin Finish

A smooth, lightly sandblasted look with none of the normal cartwheel effect seen on regular strikes.

SMS

Special Mint Set

A set of special coins (neither business strikes nor Proofs) first struck in limited quantities in 1965 and officially released in 1966-1967 to replace Proof sets, which were discontinued as part of the U.S. Mint's efforts to stop coin hoarding.
The quality of many of the 1965 coins was not much better than that of business strikes, but by 1967, some Special Mint Set (SMS) coins resembled Proofs. In fact, the government admitted as much when it revealed how the 1967 issues were struck. In 1968, Proof coinage resume. There have been similar issues since; the 1994 and 1997 Matte-finish Jefferson nickels, for example, are frosted SMS-type coins. There also are a few known 1964 SMS coins, these likely struck as tests in late 1964 for the new 1965 SMS strikings.

SP

Specimen

Struck well like a Proof, but satiny, sometimes matte, semi-granular looking.

Occasionally, the experts at PCGS encounter coins that, for one reason or another, cannot be authenticated or graded. These "No Grade" coins fall into two categories: coins that can be placed into a PCGS holder and coins that cannot be placed into a PCGS holder.

PCGS Holder

No grade coins returned to the submitter with encapsulation.

Within this category, PCGS assigns "Details" grades. These correspond to the amount of wear the coin has seen, but does not mean that the assigned grade can be used to determine the coin's value from published price guides. Generally, the coin's value will be less than that shown in price guides.

For example, an "UNC Details" grade indicates that the coin has no visible wear, but to reiterate, does not imply that the coin's value would be equivalent to even an MS-60 or PR-60 example.

Other Details grades, such as "XF Details" or "VF Details" simply indicate that the coin shows the wear to the devices one would expect on an Extremely Fine or Very Fine piece. However it does not suggest that the coin's fair market value is equal to that of a coin we have numerically graded in that same range.

82

Filed Rims

View Details

When rim dents or bumps have been filed to give the edge an even appearance.

Toning is a natural chemical process that occurs as a coin reacts to its environment. Collectors consider colorful, natural toning to be desirable and they often pay premiums for attractively toned coins. However, toning can be added, enhanced or accelerated by artificial means, creating the appearance of natural toning. Copper coins are sometimes stripped of their color to simulate their original, red appearance. In most cases, these treatments result in unnatural colors which the experts at PCGS will reject.

Surface damage due to any form of abrasive cleaning. "Cleaned" covers a wide range or appearances, from a grossly polished coin to one where faint hairlines can be seen only at a particular angle or in only one area on an otherwise perfectly normal coin. This is perhaps the most frustrating of all the No Grades, because subtle cleaning is often difficult to detect in less-than-optimal grading conditions. "Dipping" (the removal of toning with a chemical bath) is not considered cleaning under this definition.

Adding anything to the surface of the coin to either "improve" its appearance or to cover marks. Surface alteration methods include adding dental wax, putty, lacquer, nose grease, etc. "Thumbing" is the application of a putty-like material to fill in marks, scratches, and other defects or to haze over portions of the coin. Coatings (such as lacquer), while intended to protect coins, result in a No Grade because it is impossible to determine the quality of the underlying surfaces.

Coins that are damaged because of improper storage may be rejected. Corrosion is caused by storage in areas of high humidity, sea salvage coins, and coins found in the ground. Toning that is excessively dark or heavy, or which burns into the surface of the coin, may be rejected.

Any form of metal movement, either intentional or accidental. Damage may include excessive or heavy rim dings and bruises, deliberate surface damage such as graffiti, attempts to remove spots, etc. The severity and extent of the damage affects whether it will get a “No Grade” decision.

The following damage descriptions are some of the more common that may be indicated on your 98 graded insert.

Surface Plated (Any addition of metal, paint or other material to the surface that materially alters the appearance of the coin. This is sometimes seen on 1943 Steel Cents which have been replated with a fresh coat of zinc, or on American Silver Eagles which have been "colorized" as a collector's item.)

Smoothed (A coin whose surface has been disturbed in order to give it the appearance of a higher grade. This often involves the use of a rotating wire brush to remove scratches or marks and simulate luster. This treatment is commonly referred to as "whizzing.")

Fee not refunded. In the rare instances where the experts at PCGS are unable to determine conclusively that a coin is either genuine or counterfeit, that coin will be returned to the submitter ungraded.

PCGS spends a great deal of time examining coins that have been harshly cleaned, corroded and or tooled. PCGS must be able to positively determine that a coin is both genuine and has not been "holed and plugged". In some situations the surface of the coin is completely destroyed, and in these instances PCGS will not render an opinion on the coin. Many counterfeit coins are harshly altered or intentionally damaged in an attempt to fool the grading services. If a coin is worn or damaged to an extent that makes it impossible to identify the date, mint mark, or variety, an Authenticity Unverifiable will be issued.

Fee not refunded. The coin is either a known counterfeit or exhibits characteristics of known counterfeits and is therefore highly suspect. This category includes otherwise genuine coins which have been altered to simulate rarities (re-engraved dates, added mintmarks, removed mintmarks, etc.).

Grading (Standard or Gold Shield™) Service: Fee refunded. These are coins that PCGS does not certify (i.e. medals, some privately made issues, etc.) or cannot certify (i.e. oversized coins that will not fit in a PCGS holder).

Restoration Service: Coins submitted for PCGS Restoration Service that we determine will not benefit from being restored, nor should be restored, will be charged a $10 evaluation fee.

99

PVC Residue

View Details

PVC is a plasticizer used to produce vinyl coin holders. Over time, PVC leaches out of these holders and will eventually damage the surface of the coin. PVC is seen as small green specks or a slimy green film. (This no-grade will not be sealed in a PCGS holder.)